Strait of Hormuz Traffic Plummets Amid Escalating Oil Price Gains

Oil prices continued to rise on Monday despite the ongoing stalemate over the Strait of Hormuz, with Brent crude futures reaching $89.40 per barrel and US West Texas Intermediate crude futures up to $82.52 a barrel.

The sharp decline in traffic through the strait over the weekend, with just five vessels crossing on Saturday and none on Sunday, has raised concerns about the impact of the conflict on global oil supplies.

US President Donald Trump urged Americans to be prepared for higher fuel prices due to the ongoing crisis, while Iran's deputy foreign minister, Kazem Gharibabadi, stated that the strait would remain closed until the US accepts its reality and stops 'indulging in fantasies'.